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BMW EV sales rise by 41%; outperforms rivals like Tesla

EVs accounted for 15% of BMW's total deliveries last year and are expected to reach 20% by this year-end.

According to reports, BMW electric vehicle sales surged by an impressive 41% in the first quarter of 2024. The German luxury carmaker outperformed rival brands like Tesla & Volkswagen, both of which succumbed to the faltering demands of EVs in the market.

BMW's EV models like the i4, iX1 and i7 registered 41% growth in the first three months of 2024, compared to the same period last year. The rise in sales of BMW EVs comes at a time when other carmakers are witnessing a decline. Volkswagen registered a 3% fall in its EV sales during the same period, while Mercedes-Benz EV sales declined by 8% in the first quarter.

The rise in EV sales also allowed BMW to improve its share value by 1.3%, taking it slightly ahead of Mercedes-Benz. Volkswagen's share price has remained at the same level, while Tesla's stock prices have dropped by 4.4%.

Reports also stated that EVs accounted for 15% of BMW's total deliveries last year and are expected to reach 20% by this year-end. BMW is said to be looking at boosting these numbers with 15 fully electric models across its three brands (BMW, MINI & Rolls Royce).

Harald Hendrikse, CITI Analyst, stated, "The key thing is that BMW has more of a volume-based strategy than Mercedes." He added, "BMW is more willing to compete if the market is more difficult.” But in the future, this will be more difficult as growth is slowing in the luxury segment and in China."

Source: Autoblog

 
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